The Board of Directors of Marcventures Holdings, Inc. (Marc) a listed company in the Philippine Stock Exchange, approved the amendment of the company’s articles of incorporation to increase the authorized capital stock from P2 billion to P5 billion. The par value of each share was increased from one centavo to one peso.

Ramon Recto, Marc president, said the change in par value and the increase in capitalization is to pave the way for the entry of new investors, in connection with the capital requirements of Marcventures Mining & Development Corporation (MMDC), its wholly owned mining subsidiary.

The additional funding will be utilized primarily to acquire additional mining equipment and other infrastructure requirements.

This will not only reduce costs but will also complement MMDC’s present mining and hauling contractors,he said.

It will fund MMDC’s drilling program within a 400-hectare area to convert the geologic reserve of 53,000,000 tonnes to proven ore reserves and enable further exploration of the rest of the mining claims, approximately 4,799 hectares, where indications show nickel ore bodies.

“It will also fund the deep drilling exploration program within the MMDC tenement to explore for other minerals. To-date, drilling activities have been limited to shallow drill holes needed for nickel ore. The property abuts mining claims where there are indications of copper and gold ores,” Recto said.

“MMDC will also commence preliminary studies for the benificiation of nickel ore. We are looking at a possible collaboration/partnership with a foreign group. This will further strengthen MMDC’s position as a major player in the nickel business.”

Filipino-owned Marcventures and Mining Development Corporation was the recent recipient of BOI incentives for investing P474 million in Surigao del Sur, one of the poorest provinces in the country.